[The following information applies to the questions displayed below.]
Tyrell Company entered into the following transactions involving short-term liabilities.
Year 1
Apray 29 Peplaced the Apra 20account sayable to Locust With a 9o-day, 7%, $35,000 note payabte along
with paying $2,000 in cash.
July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 12%, $60,000 note payable.
Paid the amount due on the note to Locust at the maturity date.
Paid the amount due on the note to NBR Bank at the maturity date.
November 28 Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 6%, $33,000 note payable.
December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
Year 2
_?_ Paid the amount due on the note to Fargo Bank at the maturity date.
2. Determine the interest due at maturity for each of the three notes.
Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year.
3. Determine the interest expense recorded in the adjusting entry at the end of Year 1.
Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year.
4. Determine the interest expense recorded in Year 2
Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year.
5. Prepare journal entries for all the preceding transactions and events.
Note: Do not round your intermediate calculations.
Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $37,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 74,$35,000 note payable along with paying $2,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120 -day, 12%, $60,000 note payable. -? - Paid the amount due on the note to Locust at the maturity date. E? - Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $33,000 cash from Fargo Bank by signing a 60-day, 6$,$33,000 note payable. Decenber 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 - ? Paid the amount due on the note to Fargo Bank at the maturity date. 2. Determine the interest due at maturity for each of the three notes. Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $37,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 74,$35,000 note payable a long with paying $2,000 in cash. Juty 8 Borrowed $60,000 cash from NBR Bank by signing a 120 -day, 126,560,000 note payable. -? Paid the anount due on the note to Locust at the maturity date. -? - Paid the amount due on the note to NBR Bank at the maturity date. Novenber 28 Borrowed $33,000 cash from Fargo Bank by signing a 60 -day, 68 , $33,000 note payable. Decenber 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 - ? Paid the amount due on the note to Fargo Bank at the maturity date. 3. Determine the interest expense recorded in the adjusting entry at the end of Yoar 1. Note: Do not round intermediate calculations and round your final answer to nearest whole dollar. Use 360 days a year. Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $37,000 of merchandise on credit from Locust, terits n/30. May 19 Replaced the April 20 account payable to Locust with a 90 -day, 7%, $35,000 note payable along with paying $2,000 in cash. Juty 8 Borrowed $60,000 cash from Ner Bank by signing a 120 -day, 124,$60,000 note payabte. - Paid the amount due on the note to Locust at the maturity date. - Paid the amount due on the note to NBR Bank at the maturity date. Novenber 28 Borrowed $33,000 cash from Fargo Bank by signing a 60 -day, 68,$33,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 -7. Paid the anount due on the note to Fargo Bank at the maturity date. 4. Determine the interest expense recorded in Year 2. Note: Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a year. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate calculations. \begin{tabular}{|c|c|c|c|c|c|} \hline & & Cash & & & 35,875 \\ \hline \multirow[t]{3}{*}{5} & November 05 & Notes paryable-NBR Bank & 0 & 80,000 & \\ \hline & & Interest expense & 0 & 2,4000 & \\ \hline & & Cash & 0 & & 82,400 \\ \hline \multirow[t]{2}{*}{7} & December 31 & Interest expense & 0 & 308 & \\ \hline & & Interest payabie & 0 & & 308 \\ \hline \multirow[t]{3}{*}{8} & January 27 & Notes payable - Fargo Bank & 0 & 42,000 & \\ \hline & & Interest payable & 0 & 3088 & \\ \hline & & Interest expense & 0 & 252 & \\ \hline & & Cash & 0 & & 42,560 \\ \hline \end{tabular}
